The city plans to sell a 120,000-square-foot Fort Greene development site to Jonathan Rose Companies for a 12-story residential project for $1.

Rose would own the BAM North Site II parking lot at 15 Lafayette Avenue, near Ashland Place, the New York Daily News reported. Of the 123 proposed apartments, 49, or 40 percent, will be below market rate for at least the next 30 years, as part of the deal with the city’s Department of Housing Preservation and Development. Seventy-three units will be market rate.

The developer plans to break ground on the site this spring and finish it by late 2016. The proposal also calls for a 21,000-square-foot cultural center and a 2,800-square-foot ground-floor commercial space.